EVENING SNAPSHOT - Americas Markets Summary

14 June 2012 23:00[Source: ICIS news]

HOUSTON (ICIS)--Here is Thursday’s end of day Americas oil and chemical market summary from ICIS.

CRUDE: Jul WTI: $83.91/bbl, up $1.29; Jul Brent: $97.03/bbl, down 10 centsNYMEX WTI crude futures rose sharply in response to OPEC reaching an agreement to keep production at 30m bbl/day for the second half of the year, meaning current overproduction will have to be scaled back. Brent fell out of step with WTI as the July contract expired at the end of the session.

RBOB: Jul: $2.6764, up 2.10 cents/galReformulated gasoline blendstock for oxygen blending (RBOB) prices were higher as it tracked the gains made in crude oil and ignored disappointing jobs data. Higher gasoline consumption for the week ended 8 June boosted prices as it rose 482,000 bbl/day to 9.130m bbl/day, according to the US Energy Information Administration.

NATURAL GAS: July: $2.495/MMBtu, up 31 cents Natural gas futures on the NYMEX spiked 31 cents, about 14% higher, as expectations for warmer temperatures propped up the day’s trading. The rebound began in the morning after the release of the US government’s supply report that showed a smaller-than-expected storage gain for the week.

ETHANE: higher at 29.375-31.500 cents/galMont Belvieu ethane prices came back up through the day to reach a high of 31.50 cents/gal. Bargain buying and the gain in natural gas futures has lifted the price.

AROMATICS: toluene lower at $3.40-3.85/galSpot prices for n-grade toluene moved down on Thursday afternoon compared with $3.70-3.88/gal a day earlier. Market sources said toluene supply is ample and prices are in backwardation. No fresh trades were heard. Meanwhile, US mixed xylene (MX) spot prices were heard lower at $3.80-3.85/gal, compared with $3.88-3.90/gal yesterday, alongside lower prices in other aromatics markets.

OLEFINS: ethylene up at 40.75 cents/lb, RGP bid down at 36 cents/lbUS ethylene for June traded up from Wednesday, while refinery-grade propylene (RGP) was bid lower with no offers. RGP traded at 37.00 and 37.50 cents/lb earlier this week.